Legal Aspects of Finance - 22

LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question Copies of annual accounts are to be filed within ________ days from
AGM with ROC.
Correct Answer 30 days
Your Answer 90 days
True/False
Question Sectoral cap on investment by person resident outside India on Mass rapid
Transport is 50%.
Correct Answer False
Your Answer True
Select The Blank
Question If an employer derives profit in any of the first ________ years he has to
pay bonus for that year.
Correct Answer 5
Your Answer 5
Multiple Choice Single Answer
Question A director has to vacate his office, if he is adjudged as :-
Correct Answer Insolvent
Your Answer Insolvent
Multiple Choice Single Answer
Question Define an employee under section 2 (13) :-
Correct Answer Person employed with salary exceeding Rs 3500
Your Answer Person employed with salary exceeding Rs 2500
True/False
Question Authorized dealer is required to avail license under the exim policy in
force.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The earlier "Fast Track" investments route has been replaced by?
Correct Answer Automatic
Your Answer Automatic
Multiple Choice Single Answer
Question The quorum for the board meeting is one third of the total strength of the
board or two whichever is :-
Correct Answer More
Your Answer More
Multiple Choice Single Answer
Question Payment of wages act came into existence :-
Correct Answer To ensure regular and timely payment of wages to employed
persons
Your Answer To pay wages after a years time
Select The Blank
Question The recommendations of audit committee relating to financial
management shall be ________.
Correct Answer Binding
Your Answer Binding
Select The Blank
Question The minimum wages to the obligations created by the convention no 26 of
________.
Correct Answer International labour organisation
Your Answer International labour organisation
Multiple Choice Multiple Answer
Question Borrowings for Indian companies are for :-
Correct Answer On repatriation , Non-repatriation , In Rupees
Your Answer In Rupees , On repatriation , On Payments made
Multiple Choice Multiple Answer
Question What do you mean by wages?
Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms
of money
Your Answer Remuneration by way of salaries , Allowances , Expressed in terms
of money
Multiple Choice Single Answer
Question To whom does the payment of wages act apply to ?
Correct Answer Persons employed in any factory
Your Answer Persons employed in any factory
Multiple Choice Single Answer
Question What is the minimum salary under which the persons are covered in this
act?
Correct Answer Less than Rs 1600
Your Answer Less than Rs 1600
Multiple Choice Single Answer
Question Define an employed person under section 2 of the act.
Correct Answer Includes legal representative of a deceased employed person
Your Answer Includes legal representative of a deceased employed person
Multiple Choice Multiple Answer
Question Following are the points related to Qualification share that every director
has to take :-
Correct Answer Minimum Share value Rs.5000/- , Within two months of date of
appointment , If fails to obtain then he has to resign from the post
Your Answer Minimum Share value Rs.5000/- , Within two months of date of
appointment , If fails to obtain then he has to resign from the post
Match The Following
Question Correct Answer Your Answer
Interim Dividend Board of Directors Ordinary Resolution
Reduction of capital Special Resolution National Advisory Committee
Appointment of Managing Director Ordinary Resolution Board of Directors
Accounting StandardsNational Advisory Committee Special Resolution
True/False
Question A General Meeting may also be called by giving shorter notice than 21
days.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Board's Report shall include :-
Correct Answer Dividend recommended , Financial position of the company ,
Amounts transferred to Reserves
Your Answer Dividend recommended , Taxes paid , Financial position of the
company
Select The Blank
Question As per section 5 in case of railways if the persons employed is less than
________ the wages shall be paid before the expiry of 7th day.
Correct Answer 1000
Your Answer 1000
Multiple Choice Single Answer
Question The Balance Sheet should be in the form set out in Part I of :-
Correct Answer Schedule VI
Your Answer Schedule VI
True/False
Question Wages includes any remuneration payable under any award or settlement
between the parties or order of court.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948
True/False
Question Foreign technical collaborations are permitted.
Correct Answer False
Your Answer True
True/False
Question Wages includes any travelling allowance for travel concession.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Companies Act presently implemented and adhered by companies is :-
Correct Answer Companies Act, 1956
Your Answer Companies Act, 1956
Multiple Choice Multiple Answer
Question Sole selling agent may be :-
Correct Answer An Individual , A firm , A Body corporate
Your Answer An Individual , A firm , A Body corporate
Select The Blank
Question To avoid conflicts of interest, ________ committee would determine the
remuneration packages of the executive directors.
Correct Answer Remuneration
Your Answer Board members
Multiple Choice Single Answer
Question A director of a company can be removed by :-
Correct Answer Ordinary resolution
Your Answer Ordinary resolution
True/False
Question The loan to any body corporate shall be made at the rate of interest not
less than that prevailing bank rate as may be prescribed by Reserve Bank of India.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question A director can hold place of profit by :-
Correct Answer Special resolution
Your Answer Special resolution
Select The Blank
Question Articles of Association are rules for ________.
Correct Answer Internal management
Your Answer Internal management
Multiple Choice Multiple Answer
Question The board of directors shall exercise these powers only at board meetings
:-
Correct Answer Power to make calls on shares , Power to issue debentures , Power
to borrow money
Your Answer Power to make calls on shares , Power to issue debentures , Power
to borrow money
Multiple Choice Single Answer
Question The period for realization for export of goods from the date of shipment is
at :-
Correct Answer Six month
Your Answer Six month
Multiple Choice Single Answer
Question Accounting Standards are issued by :-
Correct Answer Institute of Chartered Accountants
Your Answer Institute of Chartered Accountants
Multiple Choice Multiple Answer
Question Describe in brief what does the term wages include?
Correct Answer Remuneration under any award , Settlement between the parties or
order of court , Overtime
Your Answer Remuneration under any award , Settlement between the parties or
order of court , Overtime
Multiple Choice Multiple Answer
Question What is the main purpose of the payment of wages act 1936?
Correct Answer Ensure payment of wages to the employed , Prevent unauthorised
deductions , Prevent arbitrary fines
Your Answer Ensure payment of wages to the employed , Prevent unauthorised
deductions , Prevent arbitrary fines
Select The Blank
Question ________means all remuneration expressed in terms of money.
Correct Answer Wages
Your Answer Wages
Multiple Choice Multiple Answer
Question The Indian company may issue bonus shares to its non resident
shareholders subject to :-
Correct Answer Held by non resident shareholder , As per acquisition , In the Form
of FC-GPR
Your Answer Held by non resident shareholder , As per acquisition , In the Form
of FC-GPR , Willingness of company
Match The Following
Question Correct Answer Your Answer
Section 2(vi) Wages Wages
Wages act 1936 1936
Factories act 1948 1948
Section 3 of wages actEvery employer responsible for payment to employed persons
Every employer responsible for payment to employed persons
Multiple Choice Multiple Answer
Question Board may by resolution passed at the meeting delegate the powers to :-
Correct Answer Committee of directors , Managing director , Manager
Your Answer Committee of directors , Managing director , Manager
True/False
Question Meeting of the board of Directors shall be held at least 4 times in a year.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Who has not prescribed particular set of documentation for current
account remittances?
Correct Answer RBI , Central Govt.
Your Answer RBI , Central Govt.
True/False
Question A temporary workman is not entitled to bonus though he works for a few
days in the organisation.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Which person is responsible for he payment of wages act ?
Correct Answer Managers
Your Answer Managers
Select The Blank
Question Multimodal ________ making remittance to their agents abroad.
Correct Answer Transport operators
Your Answer Transport operators